India-Canada: The tension between Canada and India is not decreasing, which seems to be affecting the business world as well. Anand Mahindra’s company Mahindra & Mahindra has ended its partnership with Canadian firm Rayson Aerospace Corporation and now similar news has come out about another company.
JSW Steel is slowing down the process of buying a stake in the steelmaking coal unit of Canada’s Teck Resources. Reuters report said that the discussion on the stake sale process between India’s largest steel company JSW Steel and Teck Resources has slowed down, but the paperwork process is still going on.
Waiting for the issue to be resolved
It has been said in the report that the issue between the two companies is waiting to be settled for this deal. As soon as the issue settles down, the sale process may pick up pace again. It cannot also be said that this deal will stop completely, because the paperwork is still going on between the two companies. Both have not given any official information on this issue.
On the other hand, a source related to the matter has informed that JSW is in talks with banks for the transaction. It is noteworthy that JSW Tech is one of the country’s biggest companies in the coal business.
What is the whole matter
Controversy has increased in Canada after the murder of a Sikh separatist leader. The controversy escalated after Canadian Prime Minister Justin Trudeau alleged that he was murdered by Indian agents. India has called this Canadian allegation absurd and rejected it. However, after this Canada expelled an Indian officer. After this, the Foreign Ministry spokesperson suspended visas for Canadian citizens citing security.
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